Suppose that the market for gourmet deli sandwiches is perfectly competitive and that the supply of workers in this industry is upward-sloping, so that wages increase as industry output increases. Delis in this market face the following total cost: where Q is the number of sandwiches and W is the daily wage paid to workers. The wage, which depends on total industry output, equals
, where N is the number of firms. Market demand is
) In the long-run equilibrium, the market price is $ ____.

Question

Suppose that the market for gourmet deli sandwiches is perfectly competitive and that the supply of workers in this industry is upward-sloping, so that wages increase as industry output increases. Delis in this market face the following total cost:  where Q is the number of sandwiches and W is the daily wage paid to workers. The wage, which depends on total industry output, equals 
, where N is the number of firms. Market demand is 
) In the long-run equilibrium, the market price is $ ____.

Quizplus · Accepted Answer

The Answer of Suppose that the market for gourmet deli sandwiches is perfectly competitive and that the supply of workers in this industry is upward-sloping, so that wages increase as industry output increases. Delis in this market face the following total cost:  where Q is the number of sandwiches and W is the daily wage paid to workers. The wage, which depends on total industry output, equals 
, where N is the number of firms. Market demand is 
) In the long-run equilibrium, the market price is $ ____.

Suppose That the Market for Gourmet Deli Sandwiches Is Perfectly